IN HB1114

Freezes soil productivity factors used for agricultural land assessment at the March 1, 2011 levels, prohibiting the Department of Local Government Finance from changing them by rule unless the General Assembly enacts a law authorizing such changes

Requires the Department of Local Government Finance to submit proposed new soil productivity factors to the commission on state tax and financing policy and relevant interim study committees before November 1, 2013

Mandates that proposed soil productivity factors must be approved by Purdue University's School of Agriculture

Requires the department to provide an explanation of methodology, county-by-county data, and evidence of taxpayer and stakeholder testimony when submitting proposed new factors

Takes effect upon passage with retroactive application to January 1, 2013